Annuities

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Annuities provide guaranteed, steady income for life or for a specific number of years, no matter how the markets perform. They’re designed to protect you from outliving your savings and create financial stability in retirement. Whether you’re approaching retirement or already there, an annuity can turn your savings into predictable, worry-free income you can count on every month.

A retired couple embracing on the beach, enjoying financial peace of mind through stable annuity income that supports their lifestyle in retirement.
A woman reviewing her retirement savings options, including guaranteed annuities, to secure long-term financial stability and predictable income.
An Asian, senior couple walking hand in hand in the park, supported by the dependable, low-risk retirement income their annuity provides.
An elderly couple researching annuity options on their laptop, planning for stable retirement income and long-lasting financial security.

Who it’s for

  • Individuals nearing retirement

  • Retirees wanting predictable monthly income

  • Anyone concerned about outliving their savings

  • People who want low-risk, stable returns

  • Those who prefer guaranteed income over market fluctuation

  • Business owners selling assets or receiving a lump sum

  • Anyone wanting to supplement CPP, OAS, or pension benefits

A multigenerational family enjoying time together at the beach; annuities help retirees create steady income so they can support their family and enjoy retirement confidently.

Types of Annuities

Life Annuity

  • Pays income for your entire life

  • Eliminates longevity risk (outliving your savings)

  • Can include guaranteed periods or survivor benefits for a spouse

Term-Certain Annuity

  • Pays income for a set number of years (e.g., 10, 20, or until age 90)

  • Guarantees income for that period regardless of market conditions

  • Can be ideal between retirement and CPP/OAS start dates

Joint & Survivor Annuity

  • Covers two people (often spouses)

  • Payments continue to the second person after the first passes away

  • Helps ensure long-term financial stability for couples

Prescribed vs. Non-Prescribed Annuities

  • Prescribed annuities: Tax-efficient — level taxation throughout your retirement

  • Non-prescribed annuities: Higher taxation early on, decreases over time

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  • You deposit a lump sum, and the insurer pays you guaranteed recurring income — monthly, quarterly, or annually — for life or for a chosen term. Payments never change unless you choose an annuity with inflation protection.

  • Yes. Annuities offer some of the strongest guarantees available because payments come directly from the insurer. They are ideal for people who want dependable income without market risk.

  • You can purchase an annuity using:

    • RRSP or RRIF funds

    • Non-registered savings

    • TFSA (for tax-free income)

    • Proceeds from selling a business or property

    • Inheritance or lump-sum payouts

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